11:34pm: The Clippers have yet to commit to any deal on this front, as Wojnarowski hears, and they’re expected to stand pat and sign a D-League big man instead, according to Vertical colleague Marc J. Spears (Twitterlinks). That gives the Cavs a strong chance to swoop in and nab Frye, Wojnarowski says.

WEDNESDAY, 8:15am: The Magic would move Stephenson elsewhere if they acquire him, sources tell TNT’s David Aldridge. That suggests the team would trade him rather than waive him.

7:37pm: The Clippers are discussing a bigger deal involving Stephenson’s contract, which has placed talks with Orlando temporarily on hold, Wojnarowski reports (Twitterlinks). Stephenson would be waived if acquired by the Magic, the scribe notes.

7:21pm: The Clippers would send Lance Stephenson, C.J. Wilcox and possibly a second-rounder to Orlando in return, Wojnarowski relays (Twitterlinks). Los Angeles is also engaged in talks with another team regarding Stephenson, which puts any trade with Orlando on hold temporarily, the Vertical scribe adds. There are also a number of teams interested in Frye, including the Cavaliers, Wojnarowski also notes (Twitter link).

TUESDAY, 7:16pm: The Clippers and Magic are closing in on agreement that would send power forward Channing Frye to Los Angeles, Adrian Wojnarowski of The Vertical on Yahoo Sports reports (Twitter link). It is unclear who or what would be heading to Orlando in return for the veteran stretch-four.

The Magic have been trying to trade Frye, according to an earlier report from Marc Stein of ESPN.com, who suggested the effort to find a taker for the 32-year-old would accelerate now that the team has tradedTobias Harris, Frye’s cousin, to the Pistons for Ersan Ilyasova and Brandon Jennings. Frye is making more than $8.193MM this season, with about $7.8MM coming next season and $7.4MM in 2017/18, the final year of his deal.

The 32-year-old has disappointed since Orlando signed him to a four year deal during the summer of 2014. He has appeared in 44 games this season, including 29 as a starter, and is averaging just 5.2 points and 3.2 rebounds in 17.1 minutes per night. His career averages are 9.3 points, 4.9 rebounds and 1.0 assist, and Frye owns a career slash line of .438/.387/.820.